International markets roundup
NEW YORK: On Wall Street, the Dow Jones index and the S&P 500 posted gains for a third day in a row, the longest streak in about a month, as investors' worries about an escalating trade conflict between the United States and China eased and their focus on upcoming earnings grew.
Boeing, among the hardest-hit stocks on Wednesday after China retaliated with $50 billion in tariffs on US goods, rose 2.7 per cent on Thursday, giving the Dow its biggest boost, followed by Goldman Sachs, up 1.3 per cent.
"We're three to six months away from seeing anything, and in three to six months, there can be a lot of negotiating. It wouldn't take much to make this a less dramatic issue," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
On Wednesday, President Donald Trump's top economic adviser Larry Kudlow said the administration was involved in a "negotiation" with China rather than a trade war.
Optimism over first-quarter earnings increased, with JPMorgan Chase and other financials expected to kick off the reporting period next week.
"We're going into earnings season with a fair amount of optimism, largely driven by the new, lower tax rates and also driven by other bits of evidence the economy is doing very well," Tuz said.
The Dow Jones Industrial Average rose 240.92 points, or 0.99 per cent, to 24,505.22, the S&P 500 gained 18.15 points, or 0.69 per cent, to 2,662.84 and the Nasdaq Composite added 34.44 points, or 0.49 per cent, to 7,076.55.
LONDON: British blue chip shares rose to their highest level in more than three weeks on Thursday as the threat of a trade war between the United States and China appeared to fade.
In addition, a number of analysts now believe that current valuations make British stocks worth buying. Citing "recent underperformance and cheap valuations", Citi upgraded UK equities to "overweight".
Citi said it expected returns of 10 per cent or better to the end of 2018 "unless a Brexit or global shock drives a sharp decelleration in growth".
The blue-chip FTSE 100 ended up 2.4 per cent, its biggest one-day gain since June 2016. The mid-caps index rose 1.6 per cent.
Major mainland European stock indexes surged two per cent or more, with Germany's exporter-heavy DAX, the market most exposed to China, climbing 2.90 percent.
TOKYO: Asian shares bounced from two-month lows on Thursday as world equities recovered from a selloff triggered by escalating Sino-U.S. trade tensions, with investors hoping a full-blown trade war between the world's two biggest economies can be averted.
Sentiment was lifted as the United States expressed willingness to negotiate with China to ease trade tensions between the two countries.
The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 per cent, a day after it hit its lowest in almost two months.
Japan's Nikkei ended 1.5 per cent higher. Markets in mainland China, Hong Kong and Taiwan were closed for a pubic holiday on Thursday.
WELLINGTON: On Thursday, New Zealand's S&P/NZX 50 index fell 0.41 per cent, to 8,8363.99.
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